John Maynard Keynes

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  Against Savings: A Suggested Exposition of the Markets for Money and Credit

  The notion of savings in economics has a variety of mutually incompatible meanings, and for the sake of clarity should be jettisoned. The textbook loanable funds model, for example, was developed in the context of unintermediated lending, and when applied to bank lending, results in a naïve conception of banks . . .